AGENCY: New Mexico State Investment Council (SIC)DESCRIPTION: Often referred to as the "Oregon Plan". The Severance Tax Permanent Fund (STPF) may be invested in participations of real estate loans made by financial institutions.ELIGIBLE USES:
• Loan proceeds may be used:
• Purchase land and attached buildings; and
• Refinance existing debt if the loan is for expansion purposes.PROGRAM/LOAN STRUCTURE:
• Maximum Program Benefits: The program allows up to an 80% participation in loans between $500,000 and $2 million.
• The minimum loan amount may be met by packaging up to five separate loans.
• Maturities: Not less than five years or more than 15 years.
• Rates: Fixed for five years and adjusted at every fifth anniversary.QUALIFICATION CRITERIA/COMMENTS:
• Visit www.sic.state.nm.us.